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The House and Senate majorities have been close to agreement on the tax cut bill for a while, but it took President Trump to step in and finally pop the cork.
Trump agreed to sign a bill with a 21% corporate tax cut, cut 14% from the current rate of 35%. That’s in contrast to the 20% and 22% rates previously proposed.
Even better, the cuts will go into effect in 2018 instead of 2019!
More from NBC News:
Republicans in the House and Senate have reached an agreement in principle on their sweeping tax package, a White House official said Wednesday.
This official said the once the details are ironed out, Republicans are hoping to have a vote in Senate first, then the House, with the legislation done in Congress by next Wednesday. It can then be sent to President Donald Trump for his signature.
A spokesman for Senate Finance Committee Chairman Sen. Orrin Hatch, R-Utah, confirmed to NBC News that an agreement had been reached in principle, but did not provide any additional details.
In remarks from the White House, President Donald Trump said the deal would include “tax cuts, the likes of we haven’t seen” and called it “one of the biggest pieces of legislation” that would “ever be signed.”
Trump, appearing along side Hatch and House Ways and Means Committee Chairman Kevin Brady, R-Texas, said Republicans were still “negotiating some final points,” and pressed that it was “very important for us to have a vote next week.”
The deal came just hours after Democratic Senate Minority Leader Chuck Schumer called on Republicans to “hit pause” on their tax bill until Alabama winner Doug Jones takes his seat.
Schumer is like a weaseley bad-guy wrestler at this point, signaling for a “time-out” while his opponent gets ready to clobber him.